Flughafen Wien AG (FLU.VI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+113.1%

€114.21

vs €53.60 price

Levered DCF

€82.52

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

5.87

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	25.25×	20.62×	25.32×	25.08×	336.28×	-33.83×	19.97×	21.17×
P/B	2.97×	2.93×	3×	2.05×	1.84×	2.12×	2.48×	2.41×
P/S	4.14×	4.24×	4.58×	3.92×	5.48×	7.65×	3.7×	3.62×
EV / EBITDA	10.98×	9.81×	10.69×	9.55×	13.82×	57.66×	8.96×	9.19×
Gross margin	41.9%	50.0%	52.1%	45.2%	28.7%	52.5%	80.8%	79.2%
Operating margin	29.3%	28.5%	29.5%	23.7%	4.2%	-22.9%	29.5%	26.9%
Net margin	16.4%	20.5%	18.1%	15.6%	1.6%	-22.7%	18.5%	17.2%
Current ratio	1.59×	1.65×	1.54×	1.83×	1.21×	0.87×	0.87×	0.64×
Debt / equity	0.04×	0.04×	0.04×	0.21×	0.05×	0.37×	0.28×	0.3×
Interest coverage	76.93×	105.22×	22.85×	12.19×	1.31×	-4.86×	14.12×	13.58×
Dividend yield	3.0%	2.5%	1.5%	0.0%	0.0%	3.2%	2.4%	2.0%
Payout ratio	74.8%	51.2%	38.3%	0.0%	0.0%	-108.3%	47.1%	41.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.8%	14.2%	11.8%	8.2%	0.5%	-6.3%	12.4%	11.4%
Return on invested capital	11.5%	11.2%	10.9%	6.8%	0.6%	-2.9%	9.5%	8.0%
Return on assets	7.5%	9.0%	7.7%	4.8%	0.3%	-3.5%	6.9%	6.4%
Free cash flow yield	1.3%	6.1%	6.7%	10.2%	2.0%	-4.8%	6.2%	5.0%
Earnings yield	4.0%	4.8%	3.9%	4.0%	0.3%	-3.0%	5.0%	4.7%
Enterprise value	€4.7B	€4.5B	€4.3B	€2.9B	€2.2B	€2.8B	€3.4B	€3.2B
Net debt / EBITDA	0.06×	0.07×	0.06×	0.58×	-0.43×	5.6×	0.71×	0.93×
Cash conversion cycle (days)	-1	2	146	183	91	25	-58	-48